Graphic shows pension reform ideas
The site Accounting Review has come up with a neat graphic that describes America’s pension crisis, and some possible alternatives:
Source: Accounting-Degree.org
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California is looking at a trillion dollars of debt that is not going to be paid because the tax base is leaving. Maybe the rich Chinese will fill the gap but I don’t believe they will want to pay for the RAGWUS feeders anymore than Americans do!! 🙂
Yup, the solution is to guarantee pensions comparable to those in the public sector. Let the gov t run it and raise taxes as needed. That will fix it.
If you earn a pension you should expect to receive it. Why beat on little people just trying to make it. The unfunded pension debt will be covered by tax revenue and investment earnings. Why keep beating a tired horse?
Because it wont be covered UU, you just don’t understand economics my friend. The $100,000 pensions are going to peak with over a million RAGWUS feeders along with COLA’s and the tax revenue and investment growth will not even be close to cover the costs, it’s simple math!!
Now your pal TCS is going to pop in claiming there is $280 billion in capers, but you add six zeros to those $100,000 pensions and count the years your fund will last my little buddy. 🙂
It’s not a trillion dollar debt, and the tax base is not leaving.
CalPERS has been paying pensions for eighty years and will for at least another eighty.
The glass is at least half full.
Do the math!! Or just keep lying to yourself!! 🙂
Girard Miller on the ” trillion dollars of debt”:
” They failed in their guerilla campaign to persuade the Governmental Accounting Standards Board (GASB) to institutionalize the academic thesis that pension fund liabilities should be discounted using a “risk free” rate.”
” Pension funds are not going to invest their entire portfolio in 3 percent Treasury bonds right now — or ever — so the risk-free model is not even descriptive of reality and has little normative value.”
And the tax base is not leaving. It is growing every year.
CalPERS has been paying pensions for eighty years and will for at least another eighty.
GM said the exact same thing in 2007…how did GM’s pension work out ?
It’s possible I may not live another eighty years. If I do, I’ll let you know how it worked out.
You are correct on both counts Douglas— these billy bagers love to attempt poor context stat mysto argumentum non logicoms. Zzzzzzzzzzzzzzzzzzzzz– our job?
Call em out and watch them rant.
YOUR job, if you choose to accept it.
I’m just a casual observer.
Keep up the good work.
Float like a butterfly, sting like a bee.
Thanks for ruining my day with that graph 🙂
This graph is brilliant for informing doomers that job security is out there instead of slaving for globalists.
Turning in your table wiping rag and windex bottle carrying belt and get a stable well paid government job.
There is hope for our beloved mascot Poodle….yep there is…….
“Slaving for globalists”!!!
nail on the head! And these poor doomer sob’s have no idea.